This week, gold ascended new highs. The record rally which saw gold blow past $US2,070/oz ($2,851/oz) also took silver with it.
Based on historical silver data, there has only ever been two occasions when the silver price has run hard — and both times followed recessions.
History also tells us that silver has the ability to outperform its precious metal rival once it gets going:
Silver has now reached $US29.37/oz, up 151 per cent from its mid-March low of $11.70/oz.
Gold is currently up ~40 per cent over the same period.
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So, where does gold (and silver) go from here?
“Given the continued tumble of the dollar and gold’s ascendancy to $2,070, I’m inclined to think that $2,150 would be an achievable near-term target,” says Barani Krishnan, senior commodities analyst at Investing.com.
“Even if the NFP [US non-farm payrolls] report for July surprises to the upside and triggers a correction in gold, the downward move would not be much given that another US COVID-19 stimulus bill is coming,” he says.
“The Fed has also signalled that it will keep rates ultra-low to support the economy, suggesting that any rebound on the Dollar Index will be limited.”
Winners & Losers
Here’s how ASX-listed gold stocks performed for the period August 03–07 [intraday]:
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop:
| CODE | NAME | 1 WEEK TOTAL RETURN % | 1 YEAR TOTAL RETURN % | PRICE [INTRADAY FRI] | MARKET CAP |
|---|---|---|---|---|---|
| EQE | EQUUS MINING | 54 | 33 | 0.02 | $ 33,000,000.00 |
| AGS | ALLIANCE RESOURCES | 50 | 164 | 0.235 | $ 32,094,014.00 |
| SMI | SANTANA MINERALS | 50 | 0 | 0.003 | $ 6,709,864.00 |
| MEI | METEORIC RESOURCES | 41 | 72 | 0.056 | $ 61,565,716.00 |
| TSC | TWENTY SEVEN CO | 40 | 40 | 0.006 | $ 8,174,765.00 |
| KGM | KALNORTH GOLD MINES | 40 | 180 | 0.017 | $ 9,836,641.00 |
| GSM | GOLDEN STATE MINING | 39 | 417 | 0.425 | $ 19,647,670.00 |
| TSO | TESORO RESOURCES | 30 | 330 | 0.185 | $ 85,732,904.00 |
| AWV | ANOVA METALS | 29 | 225 | 0.04 | $ 51,128,700.00 |
| DHR | DARK HORSE RESOURCES | 25 | -38 | 0.0025 | $ 8,072,737.00 |
| MKR | MANUKA RESOURCES | 25 | 0.59 | $ 146,620,448.00 | |
| SVL | SILVER MINES | 23 | 181 | 0.2875 | $ 262,632,512.00 |
| PUA | PURE ALUMINA | 23 | 26 | 0.026 | $ 9,709,612.00 |
| TAR | TARUGA MINERALS | 23 | 162 | 0.049 | $ 18,745,672.00 |
| ARV | ARTEMIS RESOURCES | 22 | 257 | 0.098 | $ 110,567,296.00 |
| DRE | DREADNOUGHT RESOURCES | 20 | 300 | 0.014 | $ 21,011,988.00 |
| MTH | MITHRIL RESOURCES | 20 | 500 | 0.032 | $ 50,878,104.00 |
| RGL | RIVERSGOLD | 20 | 352 | 0.06 | $ 18,766,558.00 |
| STN | SATURN METALS | 19 | 130 | 0.92 | $ 79,157,416.00 |
| AYR | ALLOY RESOURCES | 19 | 115 | 0.044 | $ 18,134,160.00 |
| A1G | AFRICAN GOLD | 19 | 15 | 0.2 | $ 10,296,177.00 |
| MCT | METALICITY | 18 | 200 | 0.026 | $ 35,347,760.00 |
| AUC | AUSGOLD | 17 | 156 | 0.047 | $ 38,716,984.00 |
| MML | MEDUSA MINING | 17 | 11 | 0.96 | $ 201,560,464.00 |
| CLA | CELSIUS RESOURCES | 17 | 5 | 0.021 | $ 14,824,144.00 |
| DEG | DE GREY MINING | 17 | 1382 | 0.83 | $ 1,003,296,064.00 |
| PRX | PRODIGY GOLD NL | 16 | -39 | 0.085 | $ 48,772,720.00 |
| ERM | EMMERSON RESOURCES | 16 | -8 | 0.12 | $ 48,310,908.00 |
| AOP | APOLLO CONSOLIDATED | 16 | 80 | 0.405 | $ 102,256,328.00 |
| TRY | TROY RESOURCES | 15 | 13 | 0.115 | $ 58,781,932.00 |
| DCN | DACIAN GOLD | 15 | -36 | 0.38 | $ 211,400,352.00 |
| WWI | WEST WITS MINING | 15 | 188 | 0.023 | $ 22,508,778.00 |
| LEX | LEFROY EXPLORATION | 15 | 50 | 0.315 | $ 30,146,024.00 |
| SFM | SANTA FE MINERALS | 14 | -11 | 0.081 | $ 5,170,134.00 |
| AUT | AUTECO MINERALS | 14 | 4100 | 0.21 | $ 336,943,456.00 |
| ONX | ORMINEX | 13 | -69 | 0.043 | $ 23,720,496.00 |
| MAU | MAGNETIC RESOURCES NL | 13 | 256 | 1.62 | $ 316,391,584.00 |
| VAN | VANGO MINING | 13 | -25 | 0.13 | $ 108,081,288.00 |
| ARL | ARDEA RESOURCES | 13 | 57 | 0.61 | $ 69,207,256.00 |
| ALY | ALCHEMY RESOURCES | 12 | 52 | 0.019 | $ 9,358,914.00 |
| AAR | ANGLO AUSTRALIAN RESOURCES | 11 | 199 | 0.195 | $ 91,023,304.00 |
| SIH | SIHAYO GOLD | 11 | 94 | 0.034 | $ 60,835,332.00 |
| BGL | BELLEVUE GOLD | 10 | 89 | 1.145 | $ 878,748,352.00 |
| CST | CASTILE RESOURCES | 10 | 0.27 | $ 52,923,184.00 | |
| AAJ | ARUMA RESOURCES | 10 | 38 | 0.005 | $ 5,456,483.50 |
| PGI | PANTERRA GOLD | 10 | 38 | 0.045 | $ 8,586,233.00 |
| BNR | BULLETIN RESOURCES | 10 | 169 | 0.078 | $ 14,164,153.00 |
| AZS | AZURE MINERALS | 10 | 77 | 0.175 | $ 29,630,818.00 |
| GBZ | GBM RESOURCES | 10 | 210 | 0.12 | $ 34,482,380.00 |
| WAF | WEST AFRICAN RESOURCES | 9 | 203 | 1.1 | $ 971,088,832.00 |
| NUS | NUSANTARA RESOURCES | 9 | 54 | 0.355 | $ 71,462,400.00 |
| PDI | PREDICTIVE DISCOVERY | 8 | 479 | 0.09 | $ 65,910,900.00 |
| TMX | TERRAIN MINERALS | 8 | 367 | 0.014 | $ 9,401,093.00 |
| CHN | CHALICE GOLD MINES | 7 | 564 | 1.095 | $ 342,867,488.00 |
| DAU | DAMPIER GOLD | 6 | 14 | 0.034 | $ 9,102,097.00 |
| RDS | REDSTONE RESOURCES | 6 | 70 | 0.017 | $ 6,691,500.50 |
| GMR | GOLDEN RIM RESOURCES | 6 | 0 | 0.017 | $ 25,018,700.00 |
| NXM | NEXUS MINERALS | 6 | 56 | 0.076 | $ 11,219,331.00 |
| OAU | ORA GOLD | 6 | 90 | 0.017 | $ 15,135,214.00 |
| RED | RED 5 | 6 | 0 | 0.29 | $ 529,089,216.00 |
| AQI | ALICANTO MINERALS | 5 | 60 | 0.1 | $ 20,268,362.00 |
| SBM | ST BARBARA | 5 | 1 | 3.565 | $ 2,545,564,416.00 |
| CWX | CARAWINE RESOURCES | 5 | 37 | 0.205 | $ 14,681,085.00 |
| RXL | ROX RESOURCES | 5 | 195 | 0.062 | $ 132,653,848.00 |
| MZZ | MATADOR MINING LIMITED | 5 | 59 | 0.47 | $ 71,408,432.00 |
| BAR | BARRA RESOURCES | 4 | 9 | 0.024 | $ 14,316,378.00 |
| DTM | DART MINING NL | 4 | 140 | 0.245 | $ 18,739,776.00 |
| CAI | CALIDUS RESOURCES | 4 | 78 | 0.625 | $ 158,545,936.00 |
| EVN | EVOLUTION MINING | 4 | 25 | 6.1 | $ 10,431,013,888.00 |
| ARS | ALT RESOURCES | 4 | 82 | 0.05 | $ 32,304,834.00 |
| NST | NORTHERN STAR RESOURCES | 4 | 31 | 16 | $ 12,170,780,672.00 |
| MTC | METALSTECH | 4 | 1556 | 0.245 | $ 34,173,264.00 |
| RMS | RAMELIUS RESOURCES | 4 | 89 | 2.235 | $ 1,781,159,296.00 |
| SLR | SILVER LAKE RESOURCES | 4 | 97 | 2.56 | $ 2,271,037,952.00 |
| TLM | TALISMAN MINING | 4 | 69 | 0.15 | $ 26,127,974.00 |
| MOH | MOHO RESOURCES NL | 4 | 190 | 0.145 | $ 9,199,802.00 |
| CMM | CAPRICORN METALS | 4 | 151 | 2.08 | $ 704,793,024.00 |
| MLL | MALI LITHIUM | 3 | 31 | 0.155 | $ 47,602,216.00 |
| HRZ | HORIZON MINERALS | 3 | 3 | 0.175 | $ 67,946,280.00 |
| WGX | WESTGOLD RESOURCES | 3 | 25 | 2.435 | $ 1,016,957,248.00 |
| TTM | TITAN MINERALS | 3 | -16 | 0.1625 | $ 158,647,968.00 |
| SAU | SOUTHERN GOLD | 3 | 18 | 0.155 | $ 19,249,314.00 |
| AMG | AUSMEX MINING GROUP | 3 | -69 | 0.033 | $ 18,617,322.00 |
| RSG | RESOLUTE MINING | 3 | -27 | 1.345 | $ 1,516,387,072.00 |
| NCM | NEWCREST MINING | 3 | 3 | 36.31 | $ 29,892,714,496.00 |
| BC8 | BLACK CAT SYNDICATE | 3 | 129 | 0.88 | $ 92,006,520.00 |
| KCN | KINGSGATE CONSOLIDATED | 3 | 77 | 0.595 | $ 125,555,400.00 |
| TAM | TANAMI GOLD NL | 3 | 44 | 0.079 | $ 88,132,280.00 |
| OKR | OKAPI RESOURCES | 3 | 17 | 0.205 | $ 7,388,787.50 |
| GMN | GOLD MOUNTAIN | 2 | -11 | 0.049 | $ 33,983,120.00 |
| CYL | CATALYST METALS | 2 | 19 | 2.69 | $ 215,063,216.00 |
| TBR | TRIBUNE RESOURCES | 2 | 5 | 7.48 | $ 396,133,984.00 |
| MEU | MARMOTA | 2 | 176 | 0.058 | $ 55,177,920.00 |
| OKU | OKLO RESOURCES | 2 | 113 | 0.33 | $ 153,586,752.00 |
| EMR | EMERALD RESOURCES NL | 2 | 68 | 0.67 | $ 324,304,768.00 |
| HXG | HEXAGON ENERGY MATERIALS | 2 | -26 | 0.066 | $ 17,546,004.00 |
| AXE | ARCHER MATERIALS | 1 | 243 | 0.395 | $ 96,472,576.00 |
| KTA | KRAKATOA RESOURCES | 1 | 283 | 0.089 | $ 22,138,750.00 |
| RRL | REGIS RESOURCES | 1 | 7 | 5.775 | $ 2,988,729,600.00 |
| GUL | GULLEWA | 0 | 217 | 0.095 | $ 15,425,444.00 |
| CGN | CRATER GOLD MINING | 0 | -50 | 0.011 | $ 12,274,959.00 |
| VRC | VOLT RESOURCES | 0 | 7 | 0.019 | $ 36,369,996.00 |
| DCX | DISCOVEX RESOURCES | 0 | 50 | 0.009 | $ 10,765,477.00 |
| CXU | CAULDRON ENERGY | 0 | 40 | 0.028 | $ 10,536,115.00 |
| NAE | NEW AGE EXPLORATION | 0 | 300 | 0.012 | $ 8,887,804.00 |
| ARM | AURORA MINERALS | 0 | 69 | 0.022 | $ 5,153,864.50 |
| ANL | AMANI GOLD | 0 | -50 | 0.0015 | $ 15,676,393.00 |
| MAR | MALACHITE RESOURCES | 0 | -40 | 0.06 | $ 5,005,398.50 |
| MLS | METALS AUSTRALIA | 0 | 50 | 0.003 | $ 6,414,705.50 |
| GML | GATEWAY MINING | 0 | 25 | 0.021 | $ 33,433,582.00 |
| MSR | MANAS RESOUCES | 0 | 25 | 0.005 | $ 14,537,394.00 |
| RML | RESOLUTION MINERALS | 0 | 145 | 0.077 | $ 19,869,242.00 |
| CY5 | CYGNUS GOLD | 0 | 134 | 0.18 | $ 12,911,428.00 |
| GRL | GODOLPHIN RESOURCES | 0 | 0.24 | $ 15,634,342.00 | |
| DTR | DATELINE RESOURCES | 0 | -50 | 0.002 | $ 16,420,156.00 |
| AVW | AVIRA RESOURCES | 0 | 100 | 0.006 | $ 6,875,000.00 |
| BBX | BBX MINERALS | 0 | -16 | 0.2 | $ 77,208,216.00 |
| SKY | SKY METALS | 0 | 138 | 0.155 | $ 38,112,640.00 |
| NES | NELSON RESOURCES | 0 | 67 | 0.069 | $ 7,978,749.00 |
| GOR | GOLD ROAD RESOURCES | 0 | 34 | 1.815 | $ 1,636,659,968.00 |
| PRU | PERSEUS MINING | -1 | 103 | 1.515 | $ 1,818,550,656.00 |
| FML | FOCUS MINERALS | -1 | 26 | 0.45 | $ 82,236,856.00 |
| AME | ALTO METALS | -1 | 170 | 0.088 | $ 27,503,792.00 |
| DGR | DGR GLOBAL | -1 | -11 | 0.077 | $ 52,120,480.00 |
| ALK | ALKANE RESOURCES | -2 | 224 | 1.165 | $ 705,369,920.00 |
| BYH | BRYAH RESOURCES | -2 | -26 | 0.057 | $ 7,253,061.00 |
| VMC | VENUS METALS CORP | -2 | 21 | 0.25 | $ 40,035,852.00 |
| NVA | NOVA MINERALS | -2 | 79 | 0.05 | $ 58,396,368.00 |
| CDV | CARDINAL RESOURCES | -2 | 95 | 0.72 | $ 376,107,520.00 |
| CHZ | CHESSER RESOURCES | -2 | 490 | 0.23 | $ 85,814,480.00 |
| SAR | SARACEN MINERAL HOLDINGS | -2 | 36 | 5.87 | $ 6,640,008,704.00 |
| KZR | KALAMAZOO RESOURCES LIMITED | -2 | 170 | 0.69 | $ 89,283,880.00 |
| BDC | BARDOC GOLD | -2 | -7 | 0.083 | $ 141,341,312.00 |
| BCN | BEACON MINERALS | -3 | -12 | 0.038 | $ 108,842,784.00 |
| E2M | E2 METALS | -3 | -25 | 0.195 | $ 23,616,034.00 |
| G88 | GOLDEN MILE RESOURCES | -3 | -6 | 0.064 | $ 5,796,873.00 |
| KWR | KINGWEST RESOURCES | -3 | -30 | 0.17 | $ 20,723,914.00 |
| HMX | HAMMER METALS | -3 | 92 | 0.049 | $ 26,705,704.00 |
| MAT | MATSA RESOURCES | -3 | -6 | 0.165 | $ 32,924,768.00 |
| ARN | ALDORO RESOURCES | -4 | -4 | 0.135 | $ 7,928,333.50 |
| GNM | GREAT NORTHERN MINERALS | -4 | 67 | 0.026 | $ 19,730,092.00 |
| TIE | TIETTO MINERALS | -4 | 232 | 0.605 | $ 222,915,280.00 |
| MDI | MIDDLE ISLAND RESOURCES | -4 | 200 | 0.023 | $ 55,009,200.00 |
| ERX | EXORE RESOURCES | -4 | 47 | 0.115 | $ 64,829,172.00 |
| BRV | BIG RIVER GOLD | -5 | 124 | 0.039 | $ 48,765,420.00 |
| HRN | HORIZON GOLD LIMITED | -5 | 189 | 0.53 | $ 44,825,076.00 |
| TNR | TORIAN RESOURCES | -5 | 56 | 0.019 | $ 13,165,015.00 |
| WMX | WILUNA MINING CORP | -5 | 33 | 1.325 | $ 136,639,296.00 |
| BRB | BREAKER RESOURCES NL | -5 | -30 | 0.27 | $ 63,793,364.00 |
| SLZ | SULTAN RESOURCES | -5 | 150 | 0.17 | $ 9,966,301.00 |
| DGO | DGO GOLD | -6 | 291 | 3.05 | $ 188,196,832.00 |
| ADN | ANDROMEDA METALS | -6 | 47 | 0.047 | $ 73,152,816.00 |
| GSN | GREAT SOUTHERN MINING | -6 | 190 | 0.15 | $ 59,318,888.00 |
| CDT | CASTLE MINERALS | -7 | 180 | 0.014 | $ 6,325,008.00 |
| ADV | ARDIDEN | -7 | 333 | 0.015 | $ 31,077,804.00 |
| GBR | GREAT BOULDER RESOURCES | -7 | 12 | 0.052 | $ 6,939,607.50 |
| KRM | KINGSROSE MINING | -7 | -19 | 0.038 | $ 27,010,272.00 |
| RND | RAND MINING | -8 | -31 | 2.2 | $ 141,950,400.00 |
| NAG | NAGAMBIE RESOURCES | -8 | 10 | 0.055 | $ 27,496,280.00 |
| VKA | VIKING MINES | -9 | 0 | 0.01 | $ 3,137,178.50 |
| PUR | PURSUIT MINERALS | -10 | 125 | 0.02 | $ 7,841,952.00 |
| GWR | GWR GROUP | -13 | -36 | 0.07 | $ 20,375,698.00 |
| RMX | RED MOUNTAIN MINING | -13 | 75 | 0.008 | $ 7,091,257.50 |
| HAW | HAWTHORN RESOURCES | -14 | 177 | 0.16 | $ 51,694,920.00 |
| SBR | SABRE RESOURCES | -14 | -40 | 0.003 | $ 5,002,585.00 |
| GED | GOLDEN DEEPS | -14 | -54 | 0.013 | $ 3,858,367.75 |
| NWM | NORWEST MINERALS | -15 | -36 | 0.13 | $ 9,222,420.00 |
| MKG | MAKO GOLD | -19 | 15 | 0.125 | $ 20,004,282.00 |
| XTC | XANTIPPE RESOURCES | -20 | -33 | 0.002 | $ 10,047,522.00 |
| LNY | LANEWAY RESOURCES | -20 | -11 | 0.008 | $ 32,088,060.00 |
| CTO | CITIGOLD CORP | -30 | 133 | 0.015 | $ 39,017,600.00 |
Weekly Small Cap Highlights
Drilling will restart at Equus Mining’s (ASX:EQE) high-grade, development-ready Cerro Bayo silver-gold project in southern Chile later this month.
Late last year, Equus signed a binding deal with TSX-listed miner Mandalay Resources to acquire the Cerro Bayo Mine district and infrastructure in Southern Chile.
This includes a processing plant which has produced about 600,000oz of gold and 45 million ounces of silver since 1995.
Alliance Resources (ASX:AGS) surged after hitting thick high grades at the 181,000oz Weedanna gold deposit in South Australia.
The 8m long intercept grading 21.1 grams per tonne (g/t) was located in a new, high-grade gold shoot “illustrating potential to grow the resource at depth”, the company says.
Formerly Brazil-focused explorer Meteoric Resources (ASX:MEI) is about to start drilling its newly acquired Palm Springs project in Halls Creek, WA.
Twenty Seven Co (ASX:TSC) almost doubled the size of its flagship Rover project to 461sqkm this week. The new ground includes three, largely unexplored historic gold targets.